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IM <br />CITY OF ST. ANTHONY. MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (CONTINUED) <br />DECEMBER 31, 1979 <br />Note 7 - Vacation and Sick Leave <br />15 <br />Accrued vacation and sick leave are not recorded as liabilities at December 31, 1979. <br />City employees are entitled to vacation and sick leave based on length of employment, <br />and the payment thereof is treated as expense in the period paid. The amount of <br />accrued leave at December 31, 1979 was not determined. <br />Note 8 - Litigation <br />The City had the usual and customary types of miscellaneous claims pending at year <br />end, mostly of a minor nature and usually all covered by insurance carried for that <br />purpose. <br />The City also carries personal injury insurance against suits for false arrest, libel, <br />slander, violation of privacy, wrongful entry, etc., which suits can arise from <br />enforcement of the City code and general laws. <br />Note 9 - Lease <br />The City leases space for the Apache Liquor store. The lease, expiring November <br />1980 requires annual rentals of $15,990 plus the pro rata share of common center <br />expense. <br />Note 10 - Deficiency in Pledged Collateral <br />Minnesota statutes require depositories for City funds to pledge collateral to <br />secure balances in excess of F.D.I.C. or F.S.L.I.C. insurance coverage. At <br />December 31, 1979 the collateral pledged by Midwest Federal was approximately <br />$50,000 below the statutory requirement. <br />L <br />